Truist Financial Issues Positive Forecast for American Tower (NYSE:AMT) Stock Price

American Tower (NYSE:AMT) had its price target raised by analysts at Truist Financial from $207.00 to $210.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial‘s target price would suggest a potential upside of 11.54% from the company’s current price.

A number of other brokerages have also recently weighed in on AMT. JPMorgan Chase & Co. dropped their price objective on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday. BMO Capital Markets increased their target price on shares of American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. TD Cowen raised their price target on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Mizuho set a $208.00 price target on shares of American Tower in a research note on Thursday, August 20th. Finally, Jefferies Financial Group cut their price objective on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $216.44.

American Tower Trading Up 1.3%

NYSE AMT traded up $2.38 during trading on Friday, hitting $188.26. The stock had a trading volume of 450,016 shares, compared to its average volume of 3,100,292. The company has a market capitalization of $87.72 billion, a PE ratio of 26.56, a PEG ratio of 2.95 and a beta of 0.88. The company has a quick ratio of 0.52, a current ratio of 0.51 and a debt-to-equity ratio of 3.30. The firm has a 50 day moving average price of $175.61 and a 200 day moving average price of $177.27. American Tower has a twelve month low of $160.06 and a twelve month high of $202.50.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.64. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. American Tower had a net margin of 30.10% and a return on equity of 32.71%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.78 earnings per share. As a group, equities research analysts forecast that American Tower will post 10.80 earnings per share for the current year.

American Tower announced that its Board of Directors has approved a share buyback plan on Tuesday, October 27th that permits the company to buy back $2 billion in shares. This repurchase authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Share repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at American Tower

In other news, Director Rajesh Kalathur acquired 2,829 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was acquired at an average cost of $177.00 per share, with a total value of $500,733.00. Following the transaction, the director owned 7,765 shares in the company, valued at approximately $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Dynamic Wealth Strategies LLC boosted its holdings in shares of American Tower by 11.1% in the 3rd quarter. Dynamic Wealth Strategies LLC now owns 549 shares of the real estate investment trust’s stock valued at $90,000 after buying an additional 55 shares in the last quarter. TOWER TRUST & INVESTMENT Co lifted its position in American Tower by 1.2% in the third quarter. TOWER TRUST & INVESTMENT Co now owns 5,002 shares of the real estate investment trust’s stock valued at $819,000 after acquiring an additional 58 shares during the last quarter. Pinnacle Bancorp Inc. grew its holdings in shares of American Tower by 1.3% during the third quarter. Pinnacle Bancorp Inc. now owns 4,491 shares of the real estate investment trust’s stock worth $736,000 after purchasing an additional 59 shares during the last quarter. William Allan Corp grew its holdings in shares of American Tower by 4.7% during the third quarter. William Allan Corp now owns 1,391 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 62 shares during the last quarter. Finally, Community Financial Services Group LLC increased its position in shares of American Tower by 1.2% during the second quarter. Community Financial Services Group LLC now owns 5,388 shares of the real estate investment trust’s stock worth $895,000 after purchasing an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

About American Tower

American Tower Corporation (NYSE:AMT) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftop sites, distributed antenna systems and other infrastructure used by wireless carriers, broadcasters, governments and businesses to support voice, data and video communications.

The company leases space on its sites to multiple customers, allowing them to install antennas and related equipment without building and maintaining individual tower locations.